Sec22
This query is : Resolved
06 April 2013
the business of the partner ship firm is carried in the premises of which one of the partner is the owner. under which head the rent recd by the partner from the firm is taxed
06 April 2013
The transaction in a simple words:
1) Firm is paying the Rent to one of its Partner for using the Office Premises.
2) Hence, the Rent is allowed in the hand of the Firm under section 30 of the Income Tax Act.
3) At the same way, the Rent Received by the Partner is chargeable to tax under the head "Income from House Property".
(Note: If the firm is not paying the Rent to that premises, it is not chargeable under the head Income from House Property, since it is used by the Partner for Business Purposes)
1) Firm is paying the Rent to one of its Partner for using the Office Premises.
2) Hence, the Rent is allowed in the hand of the Firm under section 30 of the Income Tax Act.
3) At the same way, the Rent Received by the Partner is chargeable to tax under the head "Income from House Property".
(Note: If the firm is not paying the Rent to that premises, it is not chargeable under the head Income from House Property, since it is used by the Partner for Business Purposes)
Message likes :
1 times
06 April 2013
Rent received will be taxable under the head Income from House Property.
08 April 2013
dear sir,
why there is a contrary that when the firm is paying rent we treat firm and partner as different person and while the firm is not paying rent we consider both are same.
why there is a contrary that when the firm is paying rent we treat firm and partner as different person and while the firm is not paying rent we consider both are same.
08 April 2013
dear sir,
why there is a contrary that when the firm is paying rent we treat firm and partner as different person and while the firm is not paying rent we consider both are same.
why there is a contrary that when the firm is paying rent we treat firm and partner as different person and while the firm is not paying rent we consider both are same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Should I report my US salary for January, February, March in Schedule FA?
- GST ON EXPORT COMMISSION
- Sale of property furniture sale
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
